Vietnam sees a significant trade surplus in first 7 months of 2018
The country’s trade surplus grew to $3.1 billion from January to July
In the first 7 months of 2018, Vietnam exported goods worth $133.7 billion (a 15% increase compared to the same period last year). On the other side, Vietnam’s imports rose by 10% to $130.6 billion.
Foreign-invested companies are leading the way with a total of $94.7 billion of exports, while domestic sold goods worth $39 billion. The total export of foreign businesses in dollar terms grew 14% year-on-year, according to the data provided by Vietnam’s General Statistics Office.
Top 3 types of exported goods
1. Cell phones and components -- $26.1 billion
2. Textile and garment -- $16.5 billion
[BDG’s insights on opening a garment manufacturing business in Vietnam]
[The future of Vietnam’s textile industry]
3. Electronics, computers and components -- $15.7 billion
[BDG’s report on Vietnam’s electronics sector]
Top 3 exporting markets
1. USA -- $25.5 billion (8.9% increase)
2. EU -- $24.2 billion (12.9% increase)
3. China -- $19.5 billion (24.7% increase)
With the upcoming ratification of the CPTPP trade agreement, optimism of foreign companies operating in the country and strong manufacturing outputs, we can expect to see further increases of Vietnam’s exports and trade surplus in the short-to-medium term.
Original source